Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

My point is that these are shocking interest figures that the Minister has just given us. He states we can make the repayments and that determines sustainability, but at what cost? Is the cost a massive diversion of funds that could, for example, be going into major investment programmes such as public infrastructure that could take tens of thousands of workers off the dole and have them creating wealth and regenerating, rebooting and remaking the economy? From that point of view, is this debt unsustainable and a considerable drain on the Irish people?

According to the Minister's report, part of the debt is €35.7 billion of EU-IMF programme borrowings and €28.3 billion in the promissory notes outstanding, all of which are related to the bank bailout. In view of this considerable waste of resources and drain on the Irish people, next year would the country be justified in saying we cannot afford to make any repayments on this debt, we should forgo it and the interest involved as well, and put it into investment?

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